The government said on Monday it planned to bring a Bill to amend the Insurance Act, which among other things, provides for increasing FDI cap in the sector from 26 per cent to 49 per cent.
A figure above 50 indicates that the sector is expanding, while a figure below that level means contraction.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Finance ministry considers tax sops, regulation of hospitals to make health care affordable.
The Monsoon Session of the Lok Sabha was adjourned sine die on Friday after 19 sittings that saw the passage of 14 legislation while Rajya Sabha came to an end after passing nine bills.
Prime Minister Narendra Modi on Wednesday said that the country's economic growth is picking up pace again and the domestic industry needs to enhance its risk-taking appetite. Noting the recent reforms taken by the government, the Prime Minister said that bringing reforms is a matter of conviction for his government, which is ready to take all risks in the national interest. "We have taken bold decisions. Reforms continued even during pandemic. "The government is doing reforms not out of compulsion but out of conviction," he said while addressing the CII's annual meeting.
The government on Tuesday faced embarrassment in the Rajya Sabha when the opposition scuttled its move to withdraw three bills, including one on raising the FDI cap in insurance sector to 49 per cent, which are expected to be introduced in Lok Sabha for replacement of Ordinances.
The bill seeks to ensure health-care, treatment and rehabilitation of persons with mental illness "in a manner that does not intrude on their rights and dignity."
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Opposition-ruled states of Kerala, Karnataka, and Tamil Nadu opposing the Bill as they fear losing some of their powers
Foreign reinsurance companies are now allowed to do business in India.
'How can you explain the necessity of selling an institution that has been delivering regular returns to the government, that has never asked for any capital from the government, that has invested Rs 38 lakh crores in the Indian economy and that owns 4 per cent of the market capitalisation in India?'
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
A Parliamentary panel examining the Lokpal bill may recommend that the proposed anti-corruption watchdog be a single window stop for probing all corruption complaints against government functionaries by ending multiplicity of investigating agencies to investigate graft cases.
Despite the incessant disruptions and bitter clashes between political parties witnessed in the ongoing monsoon session of Parliament, lawmakers from across the political spectrum will display rare unanimity in the coming days to pass two bills aimed at protecting their interests.
The Food Security Bill, the Land Acquisition Bill and the Aadhar card could bring electoral dividends to the government as it tries to hard to woo the poor, reports Renu Mittal
A heavy agenda including the ordinance on the Food Security Bill awaits the Monsoon session of Parliament beginning on Monday amid expectations that the short sitting will be more businesslike and smooth as compared to the din and dust in the last few sessions.
'The entire value of LIC is created by its shareholders because after the initial invest net of Rs 5 crores in 1956, the government has not given any additional capital to the LIC.' 'If the corporation has expanded and emerged as the biggest financial institution in the country, it is only because of the policyholders.'
Referring to long-pending insurance bill, he said "we are on the verge" of opening the sector a little more.
The joint Opposition including the Congress, the Dravida Munnetra Kazhagam, the Trinamool Congress, the Left, the Telangana Rashtra Samithi and the Aam Aadmi Party did not join the Question Hour of the session when the House reassembled after its first adjournment till noon.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
MeitY had stated there was a need to set up GACs as grievance officers hired by the platforms often did not address issues satisfactorily.
The Modi government could steer through Parliament 59 out of 75 Bills.
The opposition stalled proceedings in the Rajya Sabha on Wednesday over a repeated demand that Prime Minister Narendra Modi be called to the Upper House to make a statement on the conversion row that has hogged national headlines for the past few days.
To maintain dignity of the House, government was forced to place this proposal of suspension, minister Pralhad Joshi said
A key government official involved in initiatives to make doing business in the country easier said improving the ranking to 50th in a year was not possible but the country could certainly do that over two years.
The government had lately issued an ordinance on the insurance sector and introduced a Constitution amendment Bill on a national goods and services tax.
No promoter is allowed to advertise, market, book, sell or offer for sale, or invite persons to purchase any plot, apartment or building, in a project without registering with the authority.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
But use of that word -- privatisation -- is not encouraged. This seems to be a classic case of reforms through subtle signals, observes A K Bhattacharya.
In the past few days, many companies, including fashion e-tailer Nykaa, food delivery platform Zomato, logistics and delivery firm Delhivery, insurance discovery platform PolicyBazaar, eyewear retail chain Lenskart, and edtech and online tutoring firm Byju's, have openly spoken about their IPO plans.
According to the global financial services firm, the recent steps taken by the government provide further confidence that not only is the reforms agenda on track but the pace is accelerating too.
The Bill -- the Securities and Insurance Laws (Amendment) and Validation, Bill 2010 -- addresses concerns by RBI over its autonomy, by including its Governor as vice-chairman of the joint commission instead of making him just a member.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
The govt will have to clear hurdles to push GST by March 2015.
Addressing the joint session of Parliament at the beginning of the Budget Session, President Ram Nath Kovind said, "The government has been working to fulfill hopes and aspirations of all sections of people."
"Articles 15(4) and 16(4) (dealing with provision for socially and educationally backward classes, and reservation) do not put any limit on the percentage of quota and there is no constitutional hurdle in increasing the same," Sharad Pawar said.
Priorities include the amendments of the Companies Act and the Motor Vehicle Act
This is despite expectations of a stormy session, given the unresolved standoff on the Opposition's insistence on a Joint Parliamentary Committee probe into the telecom spectrum controversy.
